Samsung Spearheads South Korea’s CBDC For Seamless Offline Payments

Key Points:

• Samsung partners with South Korean central bank to research offline digital currency payments.
• The collaboration will research the offline capabilities of CBDC issued by the central bank.
• Samsung’s high-level security technology will be applied to the development of global offline CBDC technology.

Tech giant Samsung Electronics is reportedly partnering with the South Korean central bank to research central bank digital currency (CBDC) for offline payments.

This partnership is aimed at testing the South Korean CBDC’s potential to conduct remittance and payments using near-field communication (NFC) on Sam sung mobile devices instead of the Internet.

On May 15, South Korea’s central bank — Bank of Korea (BOK) — and Samsung signed a memorandum of understanding (MoU) for research on offline CBDCs. According to local media KBS World, the collaboration will have both parties researching the offline capabilities of CBDC issued by South Korea’s central bank. This is an important development for Sam sung as it is now able to apply Samsung’s high-level security technology to the digital currency field.

Samsung had also participated in the second phase of BOK’s 10-month CBDC simulation experiment research work, which dealt with retail CBDCs. The first stage of BOK’s CBDC research tested basic functions such as CBDC’s issuance, distribution, and redemption. By participating in this research and now partnering with the Bank of Korea, Samsung is showing its commitment to playing a role in the development of global offline CBDC technology.

As part of the collaboration, Sam sung reportedly obtained hardware certification for the Security International Common Criteria CC (Common Criteria) ‘EAL (Evaluation Assurance Level) 6+ grade’. This means that the company’s digital currency security measures meet the highest security standards. This is a crucial aspect of any digital currency’s success as it ensures that the currency is safe and secure from cyber attacks.

Despite keen interest in CBDCs, Samsung recently banned its employees from using generative artificial intelligence (AI) tools such as ChatGPT on all Samsung-owned devices and internal networks. This was done after a staff member uploaded a “sensitive code” to the platform. An internal memo addressing the matter read: “HQ is reviewing security measures to create a secure environment for safely using generative AI to enhance employees’ productivity and efficiency.” Other large financial institutions such as JPMorgan, Bank of America, Goldman Sachs and Citigroup have also restricted the use of generative AI tools.

Samsung’s partnership with the Bank of Korea is an important development in the world of digital currencies. By researching and testing offline CBDCs, Samsung is playing a key role in the development of global offline CBDC technology. This partnership will also allow Samsung to apply its high-level security technology to the digital currency field, which is crucial for ensuring the safety and success of any digital currency.

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Annie

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